12 Opinions on nuclear in Sweden November 2005 Should we: What is your personal view of the use of nuclear power in Sweden? Phase out nuclear power production although not necessary for safety reasons? Use nuclear power until the present reactors do need to be closed on safety or cost grounds? Continue with nuclear power production and replace existing ones when they have reached the ends of their lives? Develop nuclear power production and build new and more reactors if necessary? 38% 24% 3% 15% 20% Use Continue Phase out Develop Unsure Unsure, don't know. Page 12

14 Hydroelectric power today and tomorrow Two areas Separate Control Centers Strict geographic divisions Separate systems Partly separate working methods Future Goal One system Dual point of steering Page 14

15 Hydroelectric power - reservoir security Reservoir security is primarily about preventing the emergence of an uncontrolled outflow of water from the reservoirs that might damage the surroundings. Reservoir security work is systematic preventional work to reduce the probability and reduce the consequences of such an uncontrolled outflow. Security projects in progress Administrative work Consequence classification of all plants, to be finished by 2008 Safety manuals for all plants Contingency plans Make instructions for operation, supervision and maintenance Insurance coverage in an amount of roughly 660 billion Page 15

19 CHP in Malmö in planning stage Technology Gas turbine Steam turbine Steam extraction for district heating Carbon strategy Replaces coal condensing power plants Reduces global carbon dioxide emissions by more than 1 million t/a Security of supply Adds needed generation capacity to strengthen the power balance in southern Sweden. Security of supply of electricity and heat to the Malmö region. Combined cycle plant achieves over 90% efficiency rate between power and heat. Page 19

20 Summary > 20% increase in power generation Life time extensions for nuclear and hydro power Strong program to build-up renewable generation capacity Continued political stability is needed to complete all these programs Roughly 1.1 billion in investment plan for these projects Generation capacity increase will lower our specific cost per KWh Page 20

21 This presentation do not constitute an invitation to sell or an offer to buy any securities or a solicitation of any vote or approval. Endesa investors and security holders are urged to read the tender offer prospectus from E.ON regarding the proposed tender offer for Endesa when it becomes available, because it will contain important information. The tender offer prospectus and certain complementary documentation will be filed in Spain with the Spanish Comisión Nacional del Mercado de Valores (the CNMV ). Likewise, a tender offer statement, which will incorporate the prospectus by reference, will be filed in the United States with the U.S. Securities and Exchange Commission (the SEC ). Investors and security holders may obtain a free copy of the tender offer prospectus (when it is available) and its complementary documentation in the central offices of E.ON, Endesa, the four Spanish Stock Exchanges, and Santander Investment Bolsa SV SA. The prospectus will also be available on the websites of the CNMV ( and E.ON ( Likewise, investors and security holders may obtain a free copy of the U.S. tender offer statement (when it is available) and other documents filed by E.ON with the SEC on the SEC s web site at The tender offer statement and these other documents may also be obtained for free from E.ON, when they become available, by directing a request to E.ON AG, External Communications, phone This presentation may contain forward-looking statements. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of E.ON and Endesa and the estimates given here. These factors include the inability to obtain necessary regulatory approvals or to obtain them on acceptable terms; the inability to integrate successfully Endesa within the E.ON Group or to realize synergies from such integration; costs related to the acquisition of Endesa; the economic environment of the industries in which E.ON and Endesa operate; and other risk factors discussed in E.ON s public reports filed with the Frankfurt Stock Exchange and with the SEC (including E.ON s Annual Report on Form 20-F) and in Endesa s public reports filed with the CNMV and with the SEC (including Endesa s Annual Report on Form 20-F). E.ON assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. E.ON prepares its consolidated financial statements in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). This presentation may contain references to certain financial measures (including forward looking measures) that are not calculated in accordance with U.S. GAAP and are therefore considered "non-gaap financial measures" within the meaning of the U.S. federal securities laws. E.ON presents a reconciliation of these non-gaap financial measures to the most comparable U.S. GAAP measure or target, either in this presentation, in its Annual Report, or on its website at Management believes that the non-gaap financial measures used by E.ON, when considered in conjunction with (but not in lieu of) other measures that are computed in U.S. GAAP, enhance an understanding of E.ON's results of operations. A number of these non-gaap financial measures are also commonly used by securities analysts, credit rating agencies, and investors to evaluate and compare the periodic and future operating performance and value of E.ON and other companies with which E.ON competes. These non-gaap financial measures should not be considered in isolation as a measure of E.ON's profitability or liquidity, and should be considered in addition to, rather than as a substitute for, net income, cash flow provided by operating activities, and the other income or cash flow data prepared in accordance with U.S. GAAP. The non-gaap financial measures used by E.ON may differ from, and not be comparable to, similarly titled measures used by other companies. Page 21

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